Bitcoin And Ethereum The two most widely traded cryptocurrencies in the market have both experienced a lack of volatility over the past few days. As investors and traders anxiously await the Federal Open Market Committee (FOMC) release tomorrow, the question on everyone’s mind is whether BTC and ETH are ready to bounce.
Bitcoin (BTC), the world’s largest cryptocurrency, continues to grow and has gained some traction above the $25K mark. Meanwhile, the second most popular cryptocurrency, Ethereum (ETH), has crossed $1,700 for the first time since September 2022.
Bitcoin is up 14 percent over the past seven days, indicating bullish growth. Other well-known cryptocurrencies, such as Dogecoin (DOGE), Solana (SOL), Litecoin (LTC), and Ripple (XRP), also saw minor increases.
The total market capitalization of all cryptocurrencies was $1.13 trillion, showing an increase of 1.67 percent in a 24-hour period.
However, the reason for its upward rally could be linked to improved macroeconomic conditions and renewed market optimism from investors. Furthermore, the Hong Kong Securities and Futures Commission (SFC) has recommended new laws for cryptocurrency trading platforms to enhance investor protection. This was considered to be another important factor affecting bitcoin prices.
The US Dollar Rally Has Stopped
The US dollar, which had been trading higher on strong labor market data and persistent inflation, lost some of its momentum as traders awaited economic data to determine whether it was still appropriate to push the dollar higher. The US dollar index has now settled around 104, after hitting a six-week high of 104.67 on Friday, despite rising for three consecutive weeks with a gain of about 1.7% in February.
Therefore, the bearish US Dollar has played a significant role in supporting BTC price, as Bitcoin has a high inverse correlation with the US Dollar Index (DXY).
Going ahead, the market is now awaiting the release of the minutes of the most recent Fed meeting. However, traders are looking forward to European and US manufacturing data later on Tuesday, as well as the Core PCE Price Index on Friday, to guide their next moves.
Hong Kong Proposes Crypto Platform Regulation
Cryptocurrency prices have further increased in Hong Kong due to new licensing guidelines for crypto exchanges that aim to establish the city as a hub for digital currencies. On Monday, Hong Kong’s Securities and Futures Commission (SFC) issued regulations for virtual asset trading platforms and are now inviting public feedback.
According to the announcement, all cryptocurrency trading platforms, including those that currently exist, should begin assessing and upgrading their systems and processes in line with the new regime. He further said that those who do not intend to apply for a license should initiate a peaceful exit from the Hong Kong market. In June this year, stablecoin regulation will also begin in Hong Kong.
bitcoin price
technical analysis shows BitcoinThe price is trading slowly in a tight range between $23,700 and $25,200. If BTC/USD price is able to break above the $25,200 resistance, it could continue to move higher towards the $26,000 level, which is the next important resistance.
However, major technical indicators including the RSI and MACD are showing divergence. While the RSI is currently above 50 and in the buy zone, the MACD is forming a histogram below 0 and in the sell zone. Investor indecision is often the result of such disparity.
If bitcoin price declines below the current support at $23,750, the 50% Fibonacci retracement mark at $22,850 will act as the next support.
The minutes of the next meeting of the Federal Open Market Committee are due out on Wednesday, so all eyes will be on that event in the coming week. These minutes can affect the price movement of bitcoin.
ethereum price
ETH/USD The pair experienced an increase in positive momentum after establishing a support near the $1,650 mark. Ethereum price has been fluctuating within a narrow range over the past two hours, as evidenced by the formation of a symmetrical triangle pattern on the 2-hour timescale, which indicates uncertainty in the market.
If there is a positive rally in the cryptocurrency near the $1,650 level, Ethereum price could reach $1,720. If the price breaks out of a symmetrical triangle pattern and climbs above the $1,720 mark, there are chances of further gains for the bulls.
Ethereum had to counter this decline with support near $1,650 and $1,625. The analysis of bitcoin price is similar to the analysis of the RSI and MACD, which are showing divergence. The $1,760 and $1,800 price levels are expected to act as barriers in both cases.
bitcoin and ethereum options
In addition to Bitcoin (BTC) and Ethereum (ETH), there are several other altcoins in the cryptocurrency market that are showing significant potential. The Cryptonews Industry Talk team has done an analysis and come up with a list of the top 15 cryptocurrencies to watch in 2023.
This list is updated regularly with new altcoins and ICO projects, so it is recommended to check back frequently for the latest additions.
Disclaimer: The Industry Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.
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